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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Reverse Stock Split On September 14, 2022, in connection with the Merger, we implemented the Reverse Stock Split, as described in Note 1. All share and per share amounts of common stock, options and warrants in the accompanying financial statements have been restated for all periods presented to give retroactive effect to the Reverse Stock Split. Accordingly, the consolidated statements of equity reflect the impact of the Reverse Stock Split by reclassifying from “common stock” to “additional paid-in capital” in an amount equal to the par value of the decreased shares resulting from the Reverse Stock Split. Equity Issuances At The Market Offering Agreement On June 4, 2021, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, as sales agent, in connection with an “at the market offering” under which the Company from time to time may offer and sell shares of its common stock, having an aggregate offering price of up to $50.0 million. Subsequent to the filing of our Form 10-K on March 22, 2022, the aggregate market value of our outstanding common stock held by non-affiliates was approximately $43.6 million. Pursuant to General Instruction I.B.6 of Form S-3, since the aggregate market value of our outstanding common stock held by non-affiliates was below $75.0 million at the time of such Form 10-K filing, the aggregate amount of securities that we are permitted to offer and sell was reduced to $17,698,943, which was equal to one-third of the aggregate market value of our common stock held by non-affiliates as of September 21, 2022. During the nine months ended September 30, 2023, the Company issued 64,394 shares of common stock under the ATM Agreement for net proceeds of $270,774. Since inception, the Company has issued 64,394 shares of common stock under the ATM Agreement for net proceeds of $270,774. Common Stock In connection with the Merger closing on September 15, 2022, the Company issued an aggregate of 3,772,768 shares of common stock, based on the Exchange Ratio, to holders of Cend, in exchange for all of the Cend capital stock outstanding immediately prior to the closing of the Merger. Stock Options and Warrants In connection with the Merger and after giving effect to the Reverse Stock Split, the Company assumed 1,227,776 options outstanding of Cend. The options granted under the Cend Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their original date of grant. The Cend Plan stock options generally vest over a four-year term. The following table summarizes the activity for stock options and warrants for the nine months ended September 30, 2023:
|  | Stock Options |  | Warrants
|  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (In Thousands) |  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2022 |  | 1,391,352 |  |  | $ | 10.83 |  |  | 7.03 |  | $ | 187.6 |  |  | 1,423,774 |  |  | $ | 42.57 |  |  | 3.37 |  | $ | — |
Changes during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  | 180,896 |  |  | 3.46 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Exercised |  | (82,500) |  |  | 1.88 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Forfeited |  | (144,594) |  |  | 3.63 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Expired |  | (24,603) |  |  | 29.60 |  |  |  |  |  |  | (2,000) |  |  | 88.35 |  |  |  |  |
Outstanding at September 30, 2023 |  | 1,320,551 |  |  | $ | 10.82 |  |  | 6.30 |  | $ | 78.7 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.67 |  | $ | — |
Vested at September 30, 2023 or expected to vest in the future |  | 1,316,134 |  |  | $ | 10.84 |  |  | 6.29 |  | $ | 78.7 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.67 |  | $ | — |
Vested at September 30, 2023 |  | 1,229,103 |  |  | $ | 11.25 |  |  | 6.09 |  | $ | 78.2 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.67 |  | $ | — |
Restricted Stock During the nine months ended September 30, 2023 and 2022, the Company issued restricted stock for services as follows (in thousands, except share data):
|  | Nine Months Ended September 30,
|  | 2023 |  | 2022
Number of restricted stock issued |  | 159,950 |  |  | 70,740 |
Value of restricted stock issued |  | $ | 480 |  |  | $ | 973 |
The vesting terms of restricted stock issuances are generally between one and four years. Restricted Stock Units During the nine months ended September 30, 2023 and 2022, the Company issued restricted stock units for services as follows (in thousands, except share data):
| Nine Months Ended September 30,
| 2023 |  | 2022
Number of restricted stock units issued | 188,850 |  |  | 111,170 |
Value of restricted stock units issued | $ | 567 |  |  | $ | 1,386 |
The weighted average estimated fair value of restricted stock units issued for services in the nine months ended September 30, 2023 and 2022 was $3.00 and $12.46 per share, respectively. The fair value of the restricted stock units was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock unit issuances are generally one year, or upon the achievement of performance-based milestones.

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